November 23, 2021 Newsletter

Dear Friends,

Tangents:
November 23, 1963: The first episode of the British science-fiction television  series ‘Doctor Who” airs.  The show is still running and has become a landmark of British popular culture.

1936: Life magazine premiered.
Billy The Kid, outlaw, b. 1859.
Harpo Marx, comic actor, b. 1888.

Australian journalist apologizes for not listening to Adele’s new album before interview.  Her record label did not go easy on him …

US government issues Thanksgiving ransomware warning.  A Nigerian prince is not bringing $50 million to your holiday dinner if you click this link.

Tiffany is selling its most expensive piece of jewelry ever.  A kiss on the hand may be quite continental, but 578 diamonds are a girl’s best friend!

An absolutely bonkers plan to give Mars a magnetosphere. 

This Goldman analyst became a star of the “Great British Bake Off.”  

PHOTOS OF THE DAY
A house and a barn are surrounded by flood waters on a farm in British Columbia
CREDIT: Darryl Dyck/AP
A man passes a closed Christmas market next to St Stephen’s Cathedral. Austria went into a nationwide lockdown on Monday to combat soaring coronavirus infections
CREDIT: Vadim Ghirdă/AP
The Mughal garden is covered with fallen leaves from Chinar trees
CREDIT: Anadolu Agency/Getty Images

Market Closes for November 23^rd, 2021

International Markets

Bonds

Currencies

Commodities

MARKET COMMENTARY:
     On this day in 1954, the Dow Jones Industrial Average closed at a record high of 382.74, finally surpassing its previous high—set a quarter-century earlier on Sept. 3, 1929.
CANADA
By Stefanie Marotta
(Bloomberg) — Canadian equities quelled a four-day losing streak, edging higher as companies in the energy and financials sectors climb. The S&P/TSX Composite rose 0.2 percent at 21,453.77 in Toronto. The gain follows the previous session’s decrease of 0.6 percent. Today, energy stocks led the market higher, as 7 of 11 sectors gained; 97 of 233 shares rose, while 134 fell. Toronto-Dominion Bank contributed the most to the index gain, increasing 2.4 percent. Organigram Holdings Inc. had the largest increase, rising 8.9 percent.
Insights
* This year, the index rose 23 percent, heading for the best year in at least 10 years
* This month, the index rose 2 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on Nov. 16, 2021 and 25.9 percent above its low on Nov. 23, 2020
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and rose 1.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility fell to 9.05 percent compared with 9.32 percent in the previous session and the average of 9.79 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 59.4050| 2.2| 21/2
* Financials | 35.8606| 0.5| 13/14
* Industrials | 7.6491| 0.3| 8/22
* Communication Services | 4.0324| 0.4| 7/0
* Consumer Staples | 1.7691| 0.2| 6/7
* Real Estate | 0.8329| 0.1| 13/10
* Health Care | 0.6683| 0.4| 3/6
* Utilities | -2.7995| -0.3| 6/10
* Consumer Discretionary | -3.7395| -0.5| 5/8
* Materials | -28.2760| -1.1| 12/43
* Information Technology | -42.3976| -1.7| 3/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | 28.5700| 2.4| 61.7| 32.4
* Canadian Natural Resources | 15.6500| 3.7| 109.4| 75.4
* Suncor Energy | 9.4190| 2.8| 162.7| 54.6
* Barrick Gold | -6.1730| -2.0| -18.8| -14.0
* Brookfield Asset Management | -7.0880| -0.9| 53.2| 41.9
* Shopify | -26.4300| -1.7| 11.8| 38.7

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. shares rose on the back of gains in cyclicals, while the technology sector extended losses as rising Treasury yields damped the outlook for growth stocks. The S&P 500 ended the day higher, after swinging between gains and losses in the last hour of trading. Energy and financial stocks led the advance. The tech-heavy Nasdaq 100 slid, building on Monday’s last-hour selloff. The Treasury curve steepened, with the 10-year yield rising to a one-month high. A currency crisis deepened in Turkey, with the lira weakening past 13 per U.S. dollar. Zoom Video Communications Inc. tumbled on signs of slowing growth. Traders pruned bets for a dovish-for-longer Federal Reserve after Jerome Powell was selected for a second term. The chair himself sought to strike a balance in his policy approach, saying the central bank would use tools at its disposal to support the economy as well as to prevent inflation from becoming entrenched. 
     “Looking at the market today, obviously things that are sensitive to rates” are moving, Jerry Braakman, chief investment officer of First American Trust in Santa Ana, California, said by phone. “Tech is showing a little bit of weakness, financials are showing strength. That’s reflective of that move in the yield curve.”  Despite recent declines, U.S. stocks have been trading near records, giving rise to concerns about valuations as investors weigh prospects for growth amid rising inflation and a persistent pandemic. “The market is still overbought and needs to digest some of the recent gains,” Sam Stovall, chief investment strategist at CFRA Research, said by phone.
The dollar traded at its highest level since September 2020. The Japanese yen fell past 115 per dollar for the first time since 2017. Fed Bank of Atlanta President Raphael Bostic said Monday the U.S. central bank may need to speed up the removal of monetary stimulus and allow for an earlier-than-planned increase in interest rates. Turkey’s lira sank the most in the world, reaching yet another record low, after President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation.  His unorthodox view that higher rates fuel inflation has sent the currency down for nine successive years, spurring a 43% plunge in 2021 alone. Zoom Video dropped as analysts including from Citigroup Inc. said slowing incremental growth and the lowest new-customer additions in three years were concerning. Urban Outfitters Inc. is down 9.4% as supply chain disruptions and pressure from higher costs weighed on third-quarter results. Oil climbed as a landmark plan from consumer countries to tap their strategic oil reserves was less severe than markets expected. While the headline size of the U.S. release is large, a significant chunk of the crude will be borrowed — to be returned later — leaving traders expecting tighter balances down the line. The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the U.K.

Here are some key events this week:
* Reserve Bank of New Zealand rate decision Wednesday
* U.S. FOMC minutes, consumer income, wholesale inventories, new home sales, GDP, initial jobless claims, U.S. durable goods, University of Michigan consumer sentiment. All Wednesday
* Bank of Korea policy decision Thursday
* U.S. Thanksgiving Day: U.S. equity, bond markets closed Thursday
* Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.1249
* The British pound fell 0.1% to $1.3380
* The Japanese yen fell 0.2% to 115.15 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 1.68%
* Germany’s 10-year yield advanced eight basis points to -0.22%
* Britain’s 10-year yield advanced six basis points to 1.00%
Commodities
* West Texas Intermediate crude rose 2.6% to $78.74 a barrel
* Gold futures fell 0.8% to $1,794.50 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, Akshay Chinchalkar and Srinivasan Sivabalan.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway, 1899-1961.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com